BWX Technologies Reports Third Quarter 2026 Results
Commercial Operations revenue rose 25%, while Government Operations revenue increased 4% in the third quarter.
Sentiment and the balance of points
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-
3Q26 revenues of
$953.0 million -
3Q26 net income of
$102.0 million $179.7 million -
3Q26 diluted GAAP EPS of
$1.11 $1.26 -
BWXT Advanced Nuclear Reactor (BANR) technology selected for the
U.S . Army's Janus Program at Fort Campbell and Prodigy Clean Energy's Transportable Nuclear Power Plant project inCanada -
Tightening 2026 non-GAAP EPS(1) guidance to
$4.72 -$4.77 $350 million -$360 million - Introducing preliminary 2027 outlook calling for high-single-digit revenue growth, and high-single-digit to low-double-digit adjusted EBITDA(1) and non-GAAP EPS(1) growth; adjusted EBITDA(1) growth ahead of the framework provided at 2026 Investor Day
"We had strong third quarter 2026 earnings performance, highlighting our intense focus on operational excellence and cash generation," said Rex. D. Geveden, president and chief executive officer.
"We are in the early-stages of a multi-decadal investment cycle as our customers seek to address economic security, national security, and energy security challenges with nuclear solutions," continued Geveden. "BWXT is well positioned to benefit from these trends, with deep technical capabilities across the nuclear value chain, unmatched infrastructure, and over 11,000 employees dedicated to serving our customers in nuclear national security and commercial power markets."
"As we look to the remainder of 2026 and into 2027, we expect continued demand momentum for nuclear solutions and increased conversion of our robust bid pipeline into firm awards," said Geveden. "Our preliminary outlook for 2027 points to another year of solid earnings and cash flow growth, which combined with robust demand, a strong balance sheet, and a disciplined capital allocation strategy, positions us well to continue compounding growth and shareholder value in 2027 and beyond."
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors.
Financial Results Summary
|
|
Three Months Ended September 30, |
|
|
|
|
|||||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
$ Change |
|
% Change |
|||
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|
(Unaudited) (In millions, except per share amounts) |
|||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|||||||
Government Operations |
|
$ |
639.1 |
|
|
$ |
616.7 |
|
|
$ |
22.4 |
|
|
4 |
% |
Commercial Operations |
|
$ |
314.2 |
|
|
$ |
251.0 |
|
|
$ |
63.2 |
|
|
25 |
% |
Consolidated |
|
$ |
953.0 |
|
|
$ |
866.3 |
|
|
$ |
86.7 |
|
|
10 |
% |
Operating Income |
|
|
|
|
|
|
|
|
|||||||
Government Operations |
|
$ |
122.6 |
|
|
$ |
97.4 |
|
|
$ |
25.2 |
|
|
26 |
% |
Commercial Operations |
|
$ |
26.3 |
|
|
$ |
24.0 |
|
|
$ |
2.3 |
|
|
10 |
% |
Unallocated Corporate (Expense) |
|
$ |
(16.8 |
) |
|
$ |
(8.0 |
) |
|
$ |
(8.8 |
) |
|
111 |
% |
Consolidated |
|
$ |
132.1 |
|
|
$ |
113.3 |
|
|
$ |
18.7 |
|
|
17 |
% |
Consolidated non-GAAP(1) |
|
$ |
149.7 |
|
|
$ |
125.9 |
|
|
$ |
23.8 |
|
|
19 |
% |
EPS (Diluted) |
|
|
|
|
|
|
|
|
|||||||
GAAP |
|
$ |
1.11 |
|
|
$ |
0.89 |
|
|
$ |
0.22 |
|
|
25 |
% |
Non-GAAP(1) |
|
$ |
1.26 |
|
|
$ |
1.00 |
|
|
$ |
0.26 |
|
|
26 |
% |
Net Income |
|
|
|
|
|
|
|
|
|||||||
GAAP |
|
$ |
102.0 |
|
|
$ |
82.2 |
|
|
$ |
19.8 |
|
|
24 |
% |
Non-GAAP(1) |
|
$ |
116.3 |
|
|
$ |
91.7 |
|
|
$ |
24.5 |
|
|
27 |
% |
Adjusted EBITDA(1) |
|
|
|
|
|
|
|
|
|||||||
Government Operations |
|
$ |
144.2 |
|
|
$ |
118.3 |
|
|
$ |
25.9 |
|
|
22 |
% |
Commercial Operations |
|
$ |
41.4 |
|
|
$ |
35.5 |
|
|
$ |
5.9 |
|
|
17 |
% |
Unallocated Corporate |
|
$ |
(5.9 |
) |
|
$ |
(2.8 |
) |
|
$ |
(3.1 |
) |
|
112 |
% |
Consolidated |
|
$ |
179.7 |
|
|
$ |
151.1 |
|
|
$ |
28.6 |
|
|
19 |
% |
Cash Flows |
|
|
|
|
|
|
|
|
|||||||
Operating Cash Flow(2) |
|
$ |
202.7 |
|
|
$ |
143.2 |
|
|
$ |
59.6 |
|
|
42 |
% |
Capital Expenditures(2) |
|
$ |
52.3 |
|
|
$ |
48.3 |
|
|
$ |
4.0 |
|
|
8 |
% |
Free Cash Flow(1) |
|
$ |
150.5 |
|
|
$ |
94.9 |
|
|
$ |
55.6 |
|
|
59 |
% |
Dividends Paid(2) |
|
$ |
24.7 |
|
|
$ |
22.9 |
|
|
$ |
1.8 |
|
|
8 |
% |
NM = Not Meaningful |
(2) Items named in the Financial Results Summary differ from names in BWXT Financial Statement. Operating Cash Flow = Net Cash Provided by Operating Activities; Capital Expenditures = Purchases of Property, Plant and Equipment; Dividends Paid = Dividends Paid to Common Shareholders |
Revenues
Third quarter revenue increased in both operating segments. The Government Operations increase was driven by growth in special materials and advanced nuclear, partially offset by lower volume in naval propulsion. The Commercial Operations increase was driven by growth in commercial nuclear components, services and medical, partially offset by slightly lower fuel handling revenue.
Operating Income and Adjusted EBITDA(1)
Third quarter GAAP and non-GAAP(1) operating income increased, driven by growth in both operating segments, partially offset by higher corporate expense.
Government Operations non-GAAP(1) operating income increased driven by higher revenue and strong operating performance across business lines. Commercial Operations non-GAAP(1) operating income increased as higher revenue was partially offset by product and service line mix and SG&A investment to support growth.
Third quarter adjusted EBITDA(1) increased due to higher non-GAAP(1) operating income as discussed above.
EPS
Third quarter GAAP EPS increased as higher operating income, lower interest expense and a lower effective tax rate, were partially offset by lower other income and higher restructuring & transformation and acquisition related costs. Non-GAAP(1) EPS increased as higher non-GAAP(1) operating income, lower interest expense and a lower effective tax rate were partially offset by lower other income.
Cash Flows
Third quarter operating cash flow increased as higher net income, an increase in advanced billings, and good working capital management were partially offset by timing of income tax payments. Capital expenditures were modestly higher due to timing of various growth projects, primarily in Commercial Operations.
Dividend
BWXT paid
2026 Guidance
BWXT reaffirmed its 2026 revenue guidance and tightened the ranges for its adjusted EBITDA(1),non-GAAP EPS(1), and free cash flow(1) guidance.
(In millions, except per share amounts) |
|
Year Ended |
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Year Ending |
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Year Ending |
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|
December 31, 2025 |
|
December 31, 2026 |
|
December 31, 2026 |
|
|
|
Results |
|
Current Guidance |
|
Prior Guidance |
|
Revenue |
|
|
|
|
|
|
|
Adjusted EBITDA(1) |
|
|
|
|
|
|
|
Non-GAAP(1) Earnings Per Share |
|
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|
|
|
|
Free Cash Flow(1) |
|
|
|
|
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|
|
Additional information can be found in the third quarter 2026 earnings call presentation on the BWXT investor relations website at www.bwxt.com/investors. The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results.
Conference Call to Discuss Third Quarter 2026 Results
Date: |
Monday, November 2, 2026, at 5:00 p.m. EST |
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Live Webcast: |
Investor Relations section of website at www.bwxt.com |
Full Earnings Release Available on BWXT Website
A full version of this earnings release is available on our Investor Relations website at http://investors.bwxt.com/3Q2026-release.
BWXT may use its website (www.bwxt.com) as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the “Email Alerts” section of our website at http://investors.bwxt.com.
Non-GAAP Measures
BWXT uses and makes reference to adjusted EBITDA, non-GAAP EPS, free cash flow and free cash flow conversion, which are not recognized measures under GAAP. BWXT is providing these non-GAAP measures to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. Definitions for the non-GAAP measures are provided below and reconciliations are detailed in Exhibit 1, except that reconciliations of forward-looking GAAP measures are not provided because the company is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. Other companies may define these measures differently or may utilize different non-GAAP measures, thus impacting comparability.
Non-GAAP Earnings Per Share (EPS) is calculated using GAAP EPS less the non-operational tax effected per share impact of pension & OPEB mark-to-market gains or losses and other one-time items, such as restructuring, transformation, acquisition-related costs, and acquisition-related amortization.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is calculated using non-GAAP net income, plus provision for income taxes, less other – net, less interest income, plus interest expense, plus depreciation and amortization.
Adjusted pre-tax income is non-GAAP income before provision for income taxes.
Free Cash Flow (FCF) is calculated using net income to derive net cash provided by (used in) operating activities less purchases of property, plant and equipment.
Free Cash Flow conversion is free cash flow divided by net income.
Non-GAAP Adjustments
Our GAAP financial results detailed in Exhibit 1 have been adjusted for the following items:
Restructuring and Transformation Costs: Restructuring and transformation costs include restructuring charges as well as costs associated with our efforts to optimize underlying business processes through investments in information technology, process improvements and the implementation of strategic actions and initiatives which we deem to be incremental and non-recurring in nature.
Acquisition-related Costs: Acquisition-related costs relate to third-party professional service costs and one-time incremental costs associated with due diligence activities and efforts to integrate the acquired business with our legacy operations.
Forward-Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; our plans and expectations for each of our reportable segments, including growth opportunities and the expectations, timing and revenue of our strategic initiatives, such as medical radioisotopes, SMR components and recent acquisitions; disruptions to our supply chain and/or operations, changes in government regulations and other factors; and our expectations and guidance for 2026 and beyond. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; federal budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms and the debt ceiling, the potential for government shutdowns and changing funding and acquisition priorities; the demand for and competitiveness of nuclear products and services; capital priorities of power generating utilities and other customers; the timing of technology development, regulatory approvals and automation of production; the receipt and/or timing of government approvals; the potential recurrence of subsequent waves or strains of COVID-19 or similar diseases; labor market challenges, including employee retention and recruitment; adverse changes in the industries in which we operate; and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2025 and subsequent Form 10-Q filings. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. A
For more information, visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and Instagram.
| EXHIBIT 1 | |||||||||||||||||||
BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions, except per share amounts) |
|||||||||||||||||||
Three Months Ended September 30, 2026 |
|||||||||||||||||||
|
GAAP |
|
Restructuring &
|
|
Acquisition-
|
|
Acquisition-
|
|
Non-GAAP |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Government Operations Operating Income |
$ |
122.6 |
|
|
$ |
1.1 |
|
|
$ |
— |
|
|
$ |
1.1 |
|
|
$ |
124.8 |
|
Commercial Operations Operating Income |
$ |
26.3 |
|
|
$ |
1.9 |
|
|
$ |
2.1 |
|
|
$ |
2.4 |
|
|
$ |
32.7 |
|
Unallocated Corporate Operating Income |
$ |
(16.8 |
) |
|
$ |
6.1 |
|
|
$ |
3.0 |
|
|
$ |
— |
|
|
$ |
(7.7 |
) |
Operating Income |
$ |
132.1 |
|
|
$ |
9.0 |
|
|
$ |
5.1 |
|
|
$ |
3.4 |
|
|
$ |
149.6 |
|
Other - net |
|
(0.2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
Income Before Provision for Income Taxes |
|
131.9 |
|
|
|
9.0 |
|
|
|
5.1 |
|
|
|
3.4 |
|
|
|
149.5 |
|
Provision for Income Taxes |
|
(29.9 |
) |
|
|
(1.4 |
) |
|
|
(1.1 |
) |
|
|
(0.8 |
) |
|
|
(33.2 |
) |
Net Income |
|
102.0 |
|
|
|
7.7 |
|
|
|
4.0 |
|
|
|
2.6 |
|
|
|
116.3 |
|
Net Income Attributable to Noncontrolling Interest |
|
(0.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.3 |
) |
Net Income Attributable to BWXT |
$ |
101.7 |
|
|
$ |
7.7 |
|
|
$ |
4.0 |
|
|
$ |
2.6 |
|
|
$ |
116.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted Shares Outstanding |
|
92.0 |
|
|
|
|
|
|
|
|
|
92.0 |
|
||||||
Diluted Earnings per Common Share |
$ |
1.11 |
|
|
$ |
0.08 |
|
|
$ |
0.04 |
|
|
$ |
0.03 |
|
|
$ |
1.26 |
|
Effective Tax Rate |
|
22.7 |
% |
|
|
|
|
|
|
|
|
22.2 |
% |
||||||
Three Months Ended September 30, 2025 |
|||||||||||||||||||
|
GAAP |
|
Restructuring &
|
|
Acquisition-
|
|
Acquisition-
|
|
Non-GAAP |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Government Operations Operating Income |
$ |
97.4 |
|
|
$ |
— |
|
|
$ |
2.2 |
|
|
$ |
1.8 |
|
|
$ |
101.4 |
|
Commercial Operations Operating Income |
$ |
24.0 |
|
|
$ |
3.1 |
|
|
$ |
0.6 |
|
|
$ |
1.5 |
|
|
$ |
29.1 |
|
Unallocated Corporate Operating Income |
$ |
(8.0 |
) |
|
$ |
2.0 |
|
|
$ |
1.4 |
|
|
$ |
— |
|
|
$ |
(4.6 |
) |
Operating Income |
$ |
113.3 |
|
|
$ |
5.1 |
|
|
$ |
4.2 |
|
|
$ |
3.3 |
|
|
$ |
125.9 |
|
Other Income (Expense) |
|
(5.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5.8 |
) |
Income Before Provision for Income Taxes |
|
107.6 |
|
|
|
5.1 |
|
|
|
4.2 |
|
|
|
3.3 |
|
|
|
120.1 |
|
Provision for Income Taxes |
|
(25.4 |
) |
|
|
(1.3 |
) |
|
|
(0.9 |
) |
|
|
(0.8 |
) |
|
|
(28.4 |
) |
Net Income |
|
82.2 |
|
|
|
3.8 |
|
|
|
3.3 |
|
|
|
2.4 |
|
|
|
91.7 |
|
Net Income Attributable to Noncontrolling Interest |
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
Net Income Attributable to BWXT |
$ |
82.1 |
|
|
$ |
3.8 |
|
|
$ |
3.3 |
|
|
$ |
2.4 |
|
|
$ |
91.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted Shares Outstanding |
|
91.8 |
|
|
|
|
|
|
|
|
|
91.8 |
|
||||||
Diluted Earnings per Common Share |
$ |
0.89 |
|
|
$ |
0.04 |
|
|
$ |
0.04 |
|
|
$ |
0.03 |
|
|
$ |
1.00 |
|
Effective Tax Rate |
|
23.6 |
% |
|
|
|
|
|
|
|
|
20.0 |
% |
||||||
EXHIBIT 1 (continued) |
|||||||||||||||||
RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3) (In millions) |
|||||||||||||||||
Three Months Ended September 30, 2026 |
|||||||||||||||||
|
GAAP |
|
Restructuring &
|
|
Acquisition-
|
|
Acquisition-
|
|
Non-GAAP |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income |
$ |
102.0 |
|
|
$ |
7.7 |
|
$ |
4.0 |
|
$ |
2.6 |
|
|
$ |
116.3 |
|
Provision for Income Taxes |
|
29.9 |
|
|
|
1.4 |
|
|
1.1 |
|
|
0.8 |
|
|
|
33.2 |
|
Other – net |
|
(0.8 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(0.8 |
) |
Interest Expense |
|
5.1 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
5.1 |
|
Interest Income |
|
(4.1 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(4.1 |
) |
Depreciation & Amortization |
|
33.5 |
|
|
|
— |
|
|
— |
|
|
(3.4 |
) |
|
|
30.1 |
|
Adjusted EBITDA |
$ |
165.6 |
|
|
$ |
9.0 |
|
$ |
5.1 |
|
$ |
— |
|
|
$ |
179.7 |
|
Three Months Ended September 30, 2025 |
|||||||||||||||||
|
GAAP |
|
Restructuring &
|
|
Acquisition-
|
|
Acquisition-
|
|
Non-GAAP |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income |
$ |
82.2 |
|
|
$ |
3.8 |
|
$ |
3.3 |
|
$ |
2.4 |
|
|
$ |
91.7 |
|
Provision for Income Taxes |
|
25.4 |
|
|
|
1.3 |
|
|
0.9 |
|
|
0.8 |
|
|
|
28.4 |
|
Other – net |
|
(7.2 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(7.2 |
) |
Interest Expense |
|
14.0 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
14.0 |
|
Interest Income |
|
(1.0 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(1.0 |
) |
Depreciation & Amortization |
|
28.5 |
|
|
|
— |
|
|
— |
|
|
(3.3 |
) |
|
|
25.2 |
|
Adjusted EBITDA |
$ |
141.8 |
|
|
$ |
5.1 |
|
$ |
4.2 |
|
$ |
— |
|
|
$ |
151.1 |
|
RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)(4) (In millions) |
|||||||||||||||||
Three Months Ended September 30, 2026 |
|||||||||||||||||
|
Operating
|
|
Non-GAAP
|
|
Acquisition-
|
|
Depreciation &
|
|
|
Adjusted
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Government Operations |
$ |
122.6 |
|
|
$ |
1.1 |
|
$ |
1.1 |
|
$ |
19.5 |
|
|
$ |
144.2 |
|
Commercial Operations |
$ |
26.3 |
|
|
$ |
4.0 |
|
$ |
2.4 |
|
$ |
8.8 |
|
|
$ |
41.4 |
|
Unallocated Corporate |
$ |
(16.8 |
) |
|
$ |
9.1 |
|
$ |
— |
|
$ |
1.8 |
|
|
$ |
(5.9 |
) |
Three Months Ended September 30, 2025 |
|||||||||||||||||
|
Operating
|
|
Non-GAAP
|
|
Acquisition-
|
|
Depreciation &
|
|
|
Adjusted
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Government Operations |
$ |
97.4 |
|
|
$ |
2.2 |
|
$ |
1.8 |
|
$ |
17.0 |
|
|
$ |
118.3 |
|
Commercial Operations |
$ |
24.0 |
|
|
$ |
3.7 |
|
$ |
1.5 |
|
$ |
7.9 |
|
|
$ |
35.5 |
|
Unallocated Corporate |
$ |
(8.0 |
) |
|
$ |
3.4 |
|
$ |
— |
|
$ |
1.8 |
|
|
$ |
(2.8 |
) |
EXHIBIT 1 (continued) |
|||
RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3) (In millions) |
|||
Three Months Ended September 30, 2026 |
|||
|
|
||
Net Cash Provided By Operating Activities |
$ |
202.7 |
|
Purchases of Property, Plant and Equipment |
|
(52.3 |
) |
Free Cash Flow |
$ |
150.5 |
|
Three Months Ended September 30, 2025 |
|||
|
|
||
Net Cash Provided By Operating Activities |
$ |
143.2 |
|
Purchases of Property, Plant and Equipment |
|
(48.3 |
) |
Free Cash Flow |
$ |
94.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Tables may not foot due to rounding. |
|||||||||||||||
(2) |
BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. |
|||||||||||||||
(3) |
For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share. |
|||||||||||||||
(4) |
Excludes acquisition-related amortization |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
|
|
(Unaudited) (In thousands, except share and per share amounts) |
||||||||||||||
Revenues |
|
$ |
952,972 |
|
|
$ |
866,286 |
|
|
$ |
2,714,814 |
|
|
$ |
2,312,583 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
||||||||
Cost of operations |
|
|
725,828 |
|
|
|
677,292 |
|
|
|
2,087,996 |
|
|
|
1,766,999 |
|
Research and development costs |
|
|
3,828 |
|
|
|
3,479 |
|
|
|
12,094 |
|
|
|
10,057 |
|
Loss (gain) on asset disposals and impairments, net |
|
|
— |
|
|
|
1 |
|
|
|
123 |
|
|
|
(4,417 |
) |
Selling, general and administrative expenses |
|
|
117,222 |
|
|
|
93,381 |
|
|
|
333,670 |
|
|
|
283,890 |
|
Total Costs and Expenses |
|
|
846,878 |
|
|
|
774,153 |
|
|
|
2,433,883 |
|
|
|
2,056,529 |
|
Equity in Income of Investees |
|
|
25,983 |
|
|
|
21,216 |
|
|
|
71,976 |
|
|
|
56,349 |
|
Operating Income |
|
|
132,077 |
|
|
|
113,349 |
|
|
|
352,907 |
|
|
|
312,403 |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
4,127 |
|
|
|
1,016 |
|
|
|
13,516 |
|
|
|
2,289 |
|
Interest expense |
|
|
(5,108 |
) |
|
|
(14,019 |
) |
|
|
(15,124 |
) |
|
|
(33,754 |
) |
Other – net |
|
|
804 |
|
|
|
7,222 |
|
|
|
1,514 |
|
|
|
16,206 |
|
Total Other Income (Expense) |
|
|
(177 |
) |
|
|
(5,781 |
) |
|
|
(94 |
) |
|
|
(15,259 |
) |
Income before Provision for Income Taxes |
|
|
131,900 |
|
|
|
107,568 |
|
|
|
352,813 |
|
|
|
297,144 |
|
Provision for Income Taxes |
|
|
29,920 |
|
|
|
25,377 |
|
|
|
70,543 |
|
|
|
60,965 |
|
Net Income |
|
$ |
101,980 |
|
|
$ |
82,191 |
|
|
$ |
282,270 |
|
|
$ |
236,179 |
|
Net Income Attributable to Noncontrolling Interest |
|
|
(268 |
) |
|
|
(85 |
) |
|
|
(473 |
) |
|
|
(223 |
) |
Net Income Attributable to BWX Technologies, Inc. |
|
$ |
101,712 |
|
|
$ |
82,106 |
|
|
$ |
281,797 |
|
|
$ |
235,956 |
|
Earnings per Common Share: |
|
|
|
|
|
|
|
|
||||||||
Basic: |
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to BWX Technologies, Inc. |
|
$ |
1.11 |
|
|
$ |
0.90 |
|
|
$ |
3.07 |
|
|
$ |
2.58 |
|
Diluted: |
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to BWX Technologies, Inc. |
|
$ |
1.11 |
|
|
$ |
0.89 |
|
|
$ |
3.06 |
|
|
$ |
2.57 |
|
Shares used in the computation of earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
91,725,656 |
|
|
|
91,565,095 |
|
|
|
91,703,499 |
|
|
|
91,567,382 |
|
Diluted |
|
|
91,991,747 |
|
|
|
91,787,602 |
|
|
|
91,969,199 |
|
|
|
91,788,002 |
|
BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
|
|
Nine Months Ended September 30, |
||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
(Unaudited) (In thousands) |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
||||
Net Income |
|
$ |
282,270 |
|
|
$ |
236,179 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
93,888 |
|
|
|
79,629 |
|
Income of investees, net of dividends |
|
|
(31,573 |
) |
|
|
(5,744 |
) |
(Gain) loss on asset disposals and impairments - net |
|
|
123 |
|
|
|
(4,417 |
) |
Recognition of losses for pension and postretirement plans |
|
|
3,004 |
|
|
|
2,442 |
|
Stock-based compensation expense |
|
|
29,886 |
|
|
|
20,720 |
|
Other, net |
|
|
4,504 |
|
|
|
2,908 |
|
Changes in assets and liabilities, net of effects from acquisitions: |
|
|
|
|
||||
Accounts receivable |
|
|
27,060 |
|
|
|
(30,051 |
) |
Accounts payable |
|
|
150,334 |
|
|
|
32,040 |
|
Retainages |
|
|
(51,908 |
) |
|
|
(34,284 |
) |
Contracts in progress and advance billings on contracts |
|
|
(49,105 |
) |
|
|
21,315 |
|
Income taxes |
|
|
(682 |
) |
|
|
43,935 |
|
Accrued and other current liabilities |
|
|
11,821 |
|
|
|
28,032 |
|
Pension liabilities, accrued postretirement benefit obligations and employee benefits |
|
|
(32,443 |
) |
|
|
(31,021 |
) |
Other, net |
|
|
14,539 |
|
|
|
(8,830 |
) |
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
451,718 |
|
|
|
352,853 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
||||
Purchases of property, plant and equipment |
|
|
(136,200 |
) |
|
|
(114,365 |
) |
Acquisition of businesses, net of cash acquired |
|
|
(186,967 |
) |
|
|
(536,000 |
) |
Sales and maturities of securities |
|
|
— |
|
|
|
3,396 |
|
Investments, net of return of capital, in equity method investees |
|
|
18,569 |
|
|
|
(30,990 |
) |
Other, net |
|
|
(294 |
) |
|
|
4,066 |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(304,892 |
) |
|
|
(673,893 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
||||
Borrowings of long-term debt |
|
|
— |
|
|
|
871,600 |
|
Repayments of long-term debt |
|
|
— |
|
|
|
(420,975 |
) |
Repurchases of common stock |
|
|
— |
|
|
|
(30,000 |
) |
Dividends paid to common shareholders |
|
|
(75,183 |
) |
|
|
(69,704 |
) |
Cash paid for shares withheld to satisfy employee taxes |
|
|
(19,864 |
) |
|
|
(13,400 |
) |
Settlements of forward contracts, net |
|
|
11,339 |
|
|
|
782 |
|
Other, net |
|
|
2,689 |
|
|
|
1,305 |
|
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES |
|
|
(81,019 |
) |
|
|
339,608 |
|
EFFECTS OF EXCHANGE RATE CHANGES ON CASH |
|
|
3,792 |
|
|
|
(12,186 |
) |
TOTAL INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS |
|
|
69,599 |
|
|
|
6,382 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
|
507,204 |
|
|
|
80,571 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
576,803 |
|
|
$ |
86,953 |
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
|
|
||||
Cash paid during the period for: |
|
|
|
|
||||
Interest |
|
$ |
18,136 |
|
|
$ |
42,224 |
|
Income taxes (net of refunds) |
|
$ |
65,036 |
|
|
$ |
28,235 |
|
SCHEDULE OF NON-CASH INVESTING ACTIVITY: |
|
|
|
|
||||
Accrued capital expenditures included in accounts payable |
|
$ |
28,289 |
|
|
$ |
20,499 |
|
BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS |
||||||||
|
|
September 30,
|
|
December 31,
|
||||
|
|
(Unaudited) (In thousands) |
||||||
Current Assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
568,526 |
|
$ |
499,779 |
||
Restricted cash and cash equivalents |
|
|
3,140 |
|
|
3,085 |
||
Accounts receivable – trade, net |
|
|
168,800 |
|
|
220,391 |
||
Accounts receivable – other |
|
|
84,991 |
|
|
67,858 |
||
Retainages |
|
|
98,219 |
|
|
46,311 |
||
Contracts in progress |
|
|
742,257 |
|
|
610,315 |
||
Inventories |
|
|
35,969 |
|
|
46,537 |
||
Other current assets |
|
|
59,134 |
|
|
66,078 |
||
Assets of business held for sale |
|
|
40,822 |
|
|
— |
||
Total Current Assets |
|
|
1,801,858 |
|
|
1,560,354 |
||
Property, Plant and Equipment, Net |
|
|
1,265,344 |
|
|
1,585,136 |
||
Investments |
|
|
8,792 |
|
|
8,243 |
||
Goodwill |
|
|
472,970 |
|
|
500,860 |
||
Deferred Income Taxes |
|
|
158 |
|
|
12,275 |
||
Investments in Unconsolidated Affiliates |
|
|
161,511 |
|
|
150,143 |
||
Intangible Assets |
|
|
277,525 |
|
|
329,859 |
||
Other Assets |
|
|
106,605 |
|
|
124,625 |
||
Assets of business held for sale |
|
$ |
659,531 |
|
$ |
— |
||
TOTAL ASSETS |
|
$ |
4,754,294 |
|
$ |
4,271,495 |
||
BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
|
|
September 30,
|
|
December 31,
|
||||
|
|
(Unaudited) (In thousands, except share and per share amounts) |
||||||
Current Liabilities: |
|
|
|
|
||||
Accounts payable |
|
|
281,639 |
|
|
|
141,289 |
|
Accrued employee benefits |
|
|
95,414 |
|
|
|
117,641 |
|
Accrued liabilities – other |
|
|
126,499 |
|
|
|
107,802 |
|
Advance billings on contracts |
|
|
428,342 |
|
|
|
305,285 |
|
Liabilities held for sale |
|
|
29,032 |
|
|
|
— |
|
Total Current Liabilities |
|
|
960,926 |
|
|
|
672,017 |
|
Long-Term Debt |
|
|
2,021,883 |
|
|
|
2,015,983 |
|
Accumulated Postretirement Benefit Obligation |
|
|
78,672 |
|
|
|
78,460 |
|
Environmental Liabilities |
|
|
105,836 |
|
|
|
100,278 |
|
Pension Liability |
|
|
59,279 |
|
|
|
78,167 |
|
Other Liabilities |
|
|
92,701 |
|
|
|
93,578 |
|
Liabilities held for sale |
|
|
16,700 |
|
|
|
— |
|
Total Liabilities |
|
|
3,335,997 |
|
|
|
3,038,483 |
|
Commitments and Contingencies |
|
|
|
|
||||
Stockholders' Equity: |
|
|
|
|
||||
Common stock, par value |
|
|
1,289 |
|
|
|
1,288 |
|
Preferred stock, par value |
|
|
— |
|
|
|
— |
|
Capital in excess of par value |
|
|
193,299 |
|
|
|
159,884 |
|
Retained earnings |
|
|
2,730,547 |
|
|
|
2,523,631 |
|
Treasury stock at cost, 37,387,081 and 37,289,582 shares at September 30, 2026 and December 31, 2025, respectively |
|
|
(1,453,077 |
) |
|
|
(1,432,943 |
) |
Accumulated other comprehensive loss |
|
|
(53,701 |
) |
|
|
(19,373 |
) |
Stockholders' Equity – BWX Technologies, Inc. |
|
|
1,418,357 |
|
|
|
1,232,487 |
|
Noncontrolling interest |
|
|
(60 |
) |
|
|
525 |
|
Total Stockholders' Equity |
|
|
1,418,297 |
|
|
|
1,233,012 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
4,754,294 |
|
|
$ |
4,271,495 |
|
BWX TECHNOLOGIES, INC. BUSINESS SEGMENT INFORMATION |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
|
|
(Unaudited) (In thousands) |
||||||||||||||
REVENUES: |
|
|
|
|
|
|
|
|
||||||||
Government Operations |
|
$ |
639,076 |
|
|
$ |
616,697 |
|
|
$ |
1,818,266 |
|
|
$ |
1,760,943 |
|
Commercial Operations |
|
|
314,202 |
|
|
|
250,971 |
|
|
|
900,360 |
|
|
|
555,420 |
|
Eliminations |
|
|
(306 |
) |
|
|
(1,382 |
) |
|
|
(3,812 |
) |
|
|
(3,780 |
) |
TOTAL |
|
$ |
952,972 |
|
|
$ |
866,286 |
|
|
$ |
2,714,814 |
|
|
$ |
2,312,583 |
|
|
|
|
|
|
|
|
|
|
||||||||
SEGMENT INCOME: |
|
|
|
|
|
|
|
|
||||||||
Government Operations |
|
$ |
122,597 |
|
|
$ |
97,371 |
|
|
$ |
327,416 |
|
|
$ |
304,536 |
|
Commercial Operations |
|
|
26,290 |
|
|
|
23,959 |
|
|
|
74,651 |
|
|
|
37,301 |
|
SUBTOTAL |
|
$ |
148,887 |
|
|
$ |
121,330 |
|
|
$ |
402,067 |
|
|
$ |
341,837 |
|
Unallocated Corporate |
|
|
(16,810 |
) |
|
|
(7,981 |
) |
|
|
(49,160 |
) |
|
|
(29,434 |
) |
TOTAL |
|
$ |
132,077 |
|
|
$ |
113,349 |
|
|
$ |
352,907 |
|
|
$ |
312,403 |
|
|
|
|
|
|
|
|
|
|
||||||||
DEPRECIATION AND AMORTIZATION: |
|
|
|
|
|
|
|
|
||||||||
Government Operations |
|
$ |
20,529 |
|
|
$ |
18,762 |
|
|
$ |
59,818 |
|
|
$ |
56,080 |
|
Commercial Operations |
|
|
11,149 |
|
|
|
7,865 |
|
|
|
28,716 |
|
|
|
18,127 |
|
Corporate |
|
|
1,836 |
|
|
|
1,831 |
|
|
|
5,354 |
|
|
|
5,422 |
|
TOTAL |
|
$ |
33,514 |
|
|
$ |
28,458 |
|
|
$ |
93,888 |
|
|
$ |
79,629 |
|
|
|
|
|
|
|
|
|
|
||||||||
CAPITAL EXPENDITURES: |
|
|
|
|
|
|
|
|
||||||||
Government Operations |
|
$ |
21,563 |
|
|
$ |
25,703 |
|
|
$ |
64,206 |
|
|
$ |
59,973 |
|
Commercial Operations |
|
|
26,905 |
|
|
|
21,368 |
|
|
|
65,201 |
|
|
|
51,278 |
|
Corporate |
|
|
3,796 |
|
|
|
1,196 |
|
|
|
6,793 |
|
|
|
3,114 |
|
TOTAL |
|
$ |
52,264 |
|
|
$ |
48,267 |
|
|
$ |
136,200 |
|
|
$ |
114,365 |
|
|
|
|
|
|
|
|
|
|
||||||||
BACKLOG: |
|
|
|
|
|
|
|
|
||||||||
Government Operations |
|
$ |
6,481,803 |
|
|
$ |
5,905,020 |
|
|
$ |
6,481,803 |
|
|
$ |
5,905,020 |
|
Commercial Operations |
|
|
2,074,387 |
|
|
|
1,484,111 |
|
|
|
2,074,387 |
|
|
|
1,484,111 |
|
TOTAL |
|
$ |
8,556,190 |
|
|
$ |
7,389,131 |
|
|
$ |
8,556,190 |
|
|
$ |
7,389,131 |
|
|
|
|
|
|
|
|
|
|
||||||||
BOOKINGS: |
|
|
|
|
|
|
|
|
||||||||
Government Operations |
|
$ |
323,006 |
|
|
$ |
2,086,092 |
|
|
$ |
2,758,269 |
|
|
$ |
3,724,775 |
|
Commercial Operations |
|
|
215,216 |
|
|
|
159,342 |
|
|
|
679,183 |
|
|
|
880,957 |
|
TOTAL |
|
$ |
538,222 |
|
|
$ |
2,245,434 |
|
|
$ |
3,437,452 |
|
|
$ |
4,605,732 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20261102517518/en/
Investor Contact:
Chase Jacobson
Vice President, Investor Relations
980-365-4300
Investors@bwxt.com
Media Contact:
John Dobken
Senior Manager, Media & Public Relations
202-428-6913
jcdobken@bwxt.com
Source: BWX Technologies, Inc.